NORTEL INVERSORA SA BUENOS AIRES, Argentina, May 5, 2015 /PRNewswire/ -- Nortel Inversora S.A. (NYSE: NTL) whose sole material activity is holding 54.74% of the capital stock of Telecom Argentina S.A. ("Telecom") informs that Telecom has repurchased 15,221,373 of its own stock as of March 31, 2015. As a result, the political and economic rights of Nortel have increased to 55.60 % of Telecom's outstanding stock as of such date.
Nortel announces consolidated income of Ps. $ 1,043 million for the first quarter of fiscal year 2015, of which Ps.$ 573 million correspond to Nortel as controlling shareholder.
Relevant matters
Summary of the Resolutions approved by the Ordinary and Extraordinary General Meeting held on April 29, 2015
The Ordinary and Extraordinary General Meeting held on April 29, 2015 resolved, among other items:
1. to approve the Annual Report and Financial Statements as of December 31,
2014;
2. to allocate the non-appropriated profit amount as of December 31, 2014,
of Ps. $ 2,039 million, to the already existing "Voluntary Reserve for
the Future Distribution of Dividends", authorizing the Board of Directors
to approve the timing and amounts to be deducted from the Voluntary
Reserve for the Future Distribution of Dividends, taking into account the
Company's future economic and financial conditions, and liquidity, and
the subsequent distribution of such amounts as cash dividends.
3. the appointment of the members of the Supervisory Committee for fiscal
year 2015.
(Financial Tables below)
First Quarter, Fiscal Year 2015
-------------------------------
(in millions of Argentine Pesos)
Consolidated Income Statement March 2015 March 2014
-----------------------------
Revenues and other income 8,879 7,476
Operating costs (7,204) (6,103)
------ ------
Operating income 1,675 1,373
Financial results, net (78) (28)
--- ---
Net income before income tax expenses 1,597 1,345
Income tax expense (554) (440)
---- ----
Net income 1,043 905
----- ---
Other comprehensive income, net of tax Other comprehensive income, net of tax 206
Total comprehensive income for the period 1,043 1,111
----- -----
Consolidated Balance Sheet March 2015 December 2014
Current assets 7,292 6,581
Non-current assets 19,877 19,924
------ ------
Total assets 27,169 26,505
------ ------
Current liabilities 8,428 9,115
Non-current liabilities 2,783 2,454
----- -----
Total liabilities 11,211 11,569
------ ------
Equity attributable to Nortel 8,758 8,185
Equity attributable to non-controlling shareholders 7,200 6,751
----- -----
Total equity 15,958 14,936
------ ------
Total liabilities and equity 27,169 26,505
------ ------
Ratios
Liquidity (a) 0.87 0.72
Indebtedness (b) 0.70 0.77
(a) Current assets to current liabilities
(b) Total liabilities to shareholders' equity.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nortel-inversora-sa-announces-consolidated-first-quarter-results-for-fiscal-year-2015-300077652.html
SOURCE Nortel Inversora S.A.
